and the Ottawa real estate market rose 5% (it rose 5.5%) a similar home would be asking $525,000 in January 2018,

if the market continued to rise at the same rate (which we expect) similar homes would be $538,125 in July 2018.

On top of the rising prices, the mortgage rules have changed if you applied for a 5 year fixed mortgage of 3.14% in January 2017 for that $500,000 home with 20% down payment you would need a household income of $92,500.

Now with the mortgage stress test you would have to qualify at 5.14% even though your mortgage rate will still be 3.14%. The same household income of $92,500 would only qualify for a home worth $427,000 and if you wanted to purchase that home at $538,125 you would need a household income of $117,500.

Don’t get priced out of the market, chat with Keith today at 613-407-2729